The Lord of the Rings filmmaker will helm two installments. In a statement, Jackson said: "Exploring Tolkein's Middle-earth goes way beyong a normal filmmaking experience. It's an all-immersive journey into a very special place of imagination, beauty and drama."

Jackson takes over from Guillermo Del Toro, who was originally attached to direct the Hobbit films but pulled out earlier this year. The project was almost stalled by a dispute between the studio and an actors union.

The two movies will reportedly shoot back to back in 3D from February, and will be released in 2012.